Gold Drops, Platinum Falls From Record as U.S. Dollar Rallies |
| Bloomberg - Feb 5, 2008 |
Gold fell and platinum declined from a record in London on expectations the dollar's biggest rally against the euro in more than two weeks will erode demand for precious metals as an alternative to U.S. stocks and bonds.
Gold has dropped 4.3 percent in the past four days, the biggest slide since Dec. 1, on speculation lower U.S. interest rates will buoy the U.S. economy and support the dollar. Charts such as the 14-day relative strength index for gold signal a slowdown after gains earlier in the year, said Lehman Brothers Holdings Inc. analyst Michael Widmer in London.
``All of the precious metals seem to be moving down together and the dollar is one factor,'' Widmer said. Among technical charts, ``the moving averages have also turned.''
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- Posted: 2008-02-05 09:35:36
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